Crude oil prices have soared past $100 a barrel amid a large-scale and unprovoked US-Israeli war on Iran.

The international benchmark of Brent crude jumped more than 20 percent on Sunday, and at one point hit $115 as concerns increased over prolonged disruptions to global energy supplies.

The benchmark was being traded at around $107.50 as of 0230 GMT on Monday following a slight moderation. The uptick marked the first time oil prices climbed over $100 per barrel since the onset of Russia’s operations in Ukraine in 2022.

US President Donald Trump, who campaigned heavily on cost-of-living concerns in the 2024 vote, sought to downplay the rise in prices.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for the USA, and World, Safety and Peace,” Trump asserted in a post on Truth Social.

US Secretary of Energy Chris Wright also tried to brush off the prospect of soaring energy prices earlier on Sunday.

He told CBS News’ Face the Nation program that any increase in prices at the petrol pump would be “temporary.”Crude oil prices have spiked by about 50 percent since the US and Israel launched joint strikes on Iran on February 28.

Iran, in retaliation, has effectively brought shipping in the Strait of Hormuz to halt.

Iraq, the United Arab Emirates and Kuwait — three of the major producers in the Organization of the Petroleum Exporting Countries (OPEC) — have slashed production amid an accumulating backlog of barrels with no destination to go due to the effective closure of the strategic waterway.

Meanwhile, stocks in Asia tumbled drastically on Monday morning, as investors prepared for the fallout of soaring energy prices.

Japan’s 225 index fell more than 7 percent in early trading, while South Korea’s KOSPI plunged more than 8 percent.The Hang Seng Index in Hong Kong also fell by nearly 3 percent.

US stocks futures, which are regularly traded outside of usual market hours, also experienced significant losses.

Futures tied to Wall Street’s benchmark S&P 500 fell by 1.7 percent, while those for the tech-heavy Nasdaq Composite dropped by 1.90 percent.

The International Monetary Fund (IMF) has predicted that energy sustained 10 percent rise in oil prices brings about a 0.5 rise in inflation and a 0.15 percent reduction in global economic growth.

Qatari authorities have arrested more than 300 people for sharing images and what they described as “misleading information” during days of attacks by Iran, the interior ministry said on Monday.

The arrests echo measures across the Gulf as Iran targets airports, military bases, energy installations and residential areas with daily drones and missiles.

Those arrested “filmed and circulated video clips and published misleading information and rumours that could stir public opinion”, a statement said.

The people of “various nationalities” were held by the Department for Combating Economic and Cyber Crimes at the ministry´s General Directorate of Criminal Investigations.

The announcement follows a spate of arrests elsewhere in the region.

In Bahrain, four people were arrested for “filming and broadcasting clips about the effects of Iranian attacks and spreading false news”, the interior ministry said on Friday.

And in Kuwait, authorities on Saturday said three people had been arrested over a video showing them mocking the situation in the country.

Residents in the United Arab Emirates have received text messages warning of possible legal action for sharing sensitive images or “reposting unreliable information”.

The UAE attorney general’s office also warned against “filming, publishing, or circulating images and videos documenting incident sites or damage caused by falling projectiles or shrapnel”, the Emirates News Agency said.

Saudi Arabia has issued similar warnings.

Despite the warnings, images of missiles, drones and the fallout of the war continue to circulate on social media and in group chats.

The first week of the US military campaign against Iran has cost around $6 billion, including about $4 billion spent on munitions and advanced missile interceptors, as Pentagon officials told Congress additional funding will likely be needed to sustain operations and replenish stockpiles.

The figures were disclosed during congressional discussions this week.

According to a report in The New York Times, about 4,000 Iranian targets have been struck, including missile launchers, naval vessels and air defence systems, significantly weakening Tehran’s ability to retaliate.

Gen Brad Cooper, head of US Central Command, said Iran’s ballistic missile launches have dropped by about 90% since the start of the conflict, while drone attacks have declined by roughly 83%.

Despite the losses, Iran still retains significant military capability, including an estimated half of its missile arsenal, he added.

Lawmakers in Washington are preparing for a possible supplemental funding request from the administration in the coming weeks as the rapid spending comes under scrutiny from both Democrats and Republicans.

Critics have warned that expensive interceptor missiles — some costing millions of dollars each — are being used at a pace that could strain the US defence industrial base and create shortages in other strategic theatres.

The conflict began on February 28 when the United States and Israel launched large-scale strikes on Iran, reportedly martyring more than 1,200 people, including Iran’s Supreme Leader Ali Khamenei and several senior military officials.

Iran has retaliated with missile and drone attacks targeting Gulf countries, US bases, diplomatic facilities and military personnel across the region, as well as multiple Israeli cities.

The escalation has also raised concerns about global energy supplies as maritime traffic through the Strait of Hormuz, a key route carrying about 20 million barrels of oil per day, has declined sharply.